Bloomberg News

Teva Advances to Highest in Seven Weeks After FDA Approval

October 25, 2011

(Updates with closing share price in second paragraph.)

Oct. 25 (Bloomberg) -- Teva Pharmaceutical Industries Ltd. climbed to the highest level in almost seven weeks after the U.S. Food and Drug Administration approved the first generic versions of Eli Lilly & Co.’s Zyprexa.

The shares of the world’s largest generic drugmaker increased 2.5 percent to 145.10 shekels at the 4:30 p.m. close in Tel Aviv, the highest since Sept. 8.

The FDA yesterday approved versions of the drug used to treat schizophrenia and bipolar disorder that are manufactured by Petach Tikva, Israel-based Teva and Hybderabad, India-based Dr. Reddy’s Laboratories Ltd.

Teva and Dr. Reddy’s announced the commercial release of Olanzapine, the generic Zyprexa, in the U.S., according to a Business Wire statement.

--Editors: Susan Lerner, Claudia Maedler

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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